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I am making the move from a BD to becoming an RIA. For the most part there isn't an issue with my current clients.

Over the last few years my spouse has asked me if I could manage her friends' accounts. Unfortunately, they reside in several different countries, and while some have social security numbers, many do not. She has been quite adamant that when she was a student in the US and a professional back in her country in the 80's she had US based investment accounts and did not need a social security number. I cannot argue the point as perhaps in the 70's and 80's that was possible, but in the post 9/11 world it seems this is less likely.

I think it's great she is supportive of me and her friends. However, I have as yet to find a custodian that would allow managing offshore CLIENT accounts (e.g. a non-US citizen living in another country that wants a US based account). Raising the question usually creates a bit of concern, which I understand (I hold a Series 24 and realize just asking the question raises a red flag). However, I want to be supportive of my spouse and this could become a good market niche.

Does anyone know of a custodian that would allow managing US based accounts for non-US based clients?